Dimple Shah, a prominent figure in wealth management who served as executive vice president of strategy and client experience at Osaic Inc., has departed the firm, according to multiple industry executives. Her exit marks the latest in a series of leadership changes at the network, which oversees more than 11,000 financial advisors and approximately $700 billion in client assets.
Shah joined Osaic in 2022, when the firm was still operating under the Advisor Group name. She was widely regarded as a rising star within the organization, involved in strategic initiatives and client engagement. However, her path to the top was effectively blocked late last year when Osaic hired Shannon Reid, a veteran of Raymond James Financial Inc., as president and head of advisor growth and engagement, reporting directly to CEO Jamie Price.
“Dimple Shah was an extraordinary executive, and it’s obvious with someone else getting the job as president, where was she going to go at Osaic,” said one senior industry executive who spoke on condition of anonymity. “I think it’s a loss for that firm.” Another executive noted that Shah was “well liked and respected” and expressed surprise at her departure, adding, “but with Shannon Reid there, what upward track was left for her?”
Osaic has been in a state of flux since its acquisition by private equity firm Reverence Capital Partners in 2020. The firm consolidated several broker-dealers under the Osaic brand, experienced advisor attrition to competitors, and reshuffled its management team. Last year, former president Greg Cornick moved to an executive vice president role, and the firm recently announced it had secured more than $2 billion in new capital from Bain Capital, joining existing investors Ares Management and Lexington Partners.
In addition to Shah’s departure, Osaic confirmed that Sudhakar Kanagarajan, head of application engineering and architecture, has resigned and is returning to Fidelity Investments. A company spokesperson said in a statement, “We thank Dimple for her contributions during her four years at the firm and wish her the best in her next chapter. Osaic has a strong leadership team in place and remains focused on executing our strategy and continuing to invest in the solutions, support and client experience that drive advisor growth and success.”
The leadership changes come as Osaic continues to compete for top advisor talent. Recent reports highlight the firm’s success in recruiting, including a dual breakaway team from Raymond James managing $1.4 billion in client assets, as covered in LPL and Osaic capture $1.4B advisor team in dual breakaway from Raymond James. Similarly, Osaic, Raymond James, and LPL have been actively recruiting advisors managing nearly $1 billion in client assets, detailed in Osaic, Raymond James, LPL Recruit Advisors Managing Nearly $1B in Client Assets.
Industry observers note that Shah’s departure could create a void in strategic planning and client experience, areas where she had significant influence. The firm’s ability to retain and attract top talent will be critical as it navigates a competitive landscape and integrates its new capital partners.
